Mortgage rates are in bad shape . At some point in the past 3 days (depends on the lender), top tier 30yr fixed rate offerings hit their highest level in 5 years, then 7 years. For the first time since 2011, the most prevalent top tier rate is 4.875% (meaning a handful of lenders are at 4.75% or 5.0%). If this trajectory holds, the average lender would be at 5% next week. In order to make the past few days relevant for anyone who reads this, let's focus on the CHANGE between today's average rates and those seen less than a week ago. From Friday the 14th, the average 30yr fixed quote is an eighth of a percentage point higher (.125%). While we've seen moves that big in the past, with only 1 or 2 exceptions, we haven't seen anything like it in 2018. And when we consider that it takes rates to

September 20, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 20, 2018 Mortgage Rates Knocking on 5% Ceiling Wed, Sep 19, 2018 3:37PM Mortgage rates are in bad shape . At some point in the past 3 days (depends on the lender), top tier 30yr fixed rate offerings hit their highest level in 5 years, then 7 years. For the first time since 2011, the most prevalent top tier rate is 4.875% (meaning a handful of lenders are at 4.75% or 5.0%). If this trajectory holds, the average lender would be at 5% next week. In order to make the past few days relevant for anyone who reads this, let's focus on the CHANGE between today's average rates and those seen less than a week ago. From Friday the 14th, the average 30yr fixed quote is an eigh... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Long-Term Trend is a Cheap Trick. Here's The Reality For Rates Thu, Sep 20, 2018 8:18AM One of the themes we often revisit in times of trouble is the long-term bull market in bonds.  This traces back to the 80's and provides a shockingly linear set of lower highs and lower lows in 10yr yields.  Most recently, we've seen yields... (read more) MBS Live Recap: Is It Over? Wed, Sep 19, 2018 4:36PM The titular question could be taken two ways . Is the selling pressure in bonds over? Is the "low rate environment" that's been in effect since mid-2011 over?  The answers, in order are "probably not" and "for now." To be fair to the "low rate environment," that's arguably been over since 10yr yields broke above 2.5% in a serious and sustai... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 7:10PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 7:10PM EST Other News Existing Home Sales Level Out After Long Decline Thu, Sep 20, 2018 11:25AM It was a disappointment, but at least it wasn't a loss. Existing home sales, which were expected to increase in August after four straight months of declines instead remained unchanged from July. In fact, almost the entire report on August's existing home sales can be summarized by the word, "flat." Said sales of single-family homes, townhouses, condos, and ... (read more) August Loan Closing Rate Highest of Year Thu, Sep 20, 2018 8:08AM The share of loans originated for refinancing rose in August for the first time this year. Ellie Mae's Origination Insight Report shows that closed transactions for refinancing represented 32 percent of the total, up 3 percentage points from July. The 3-point increase was consistent across all loan types. The refinancing share was 45 percent at the first of ... (read more) Vendor Mgt. and POS Products; Upcoming Events; Ask a Lender's Sunset? Thu, Sep 20, 2018 9:00AM This Saturday is the autumn equinox – season-wise, we know what is on the way. “Rob, we, like everyone else, are watching the approaching winter, and higher rates, and wondering if there are ways to improve our financial picture without laying people off or cutting LO comp. Heard of anything?” This is going to sound like a paid ad, but it i... (read more) Latest Video Could be the end of the cycle if Fed moves without the rest of the world, s... Existing home sales unchanged in August Jobless claims fall to lowest since 1969 Around the Web Reuters Wells Fargo to cut headcount by 5-10 percent in next 3 years Calculated Risk Blog CoreLogic: 2.2 million Homes still in negative equity at end of Q2 2018 Redfin More than One in Four Home-Sellers Dropped their Price Last Month Calculated Risk Blog Fed's Flow of Funds: Household Net Worth increased in Q2 consumerfinancemonitor.com The CFPB's Latest Credit Invisibility Report: What Should We Make of It? Bloomberg US Consumer Comfort Rises to New 17-Year High CNBC Existing home sales unchanged in August consumerfinancemonitor.com Federal Reserve Board approves final amendments to the liability provisions of Regulation CC CNBC Jay Powell reportedly ramps up meetings with lawmakers as he seeks to protect Fed's independence Calculated Risk Blog Weekly Initial Unemployment Claims decreased to 201,000, Lowest Since 1969 builderonline.com Borrowers Lie to Get Approved CNBC DoubleLine's Gundlach warns US Treasury yields are headed higher Bloomberg Dollar Traders See the Fed's Next Rate Hike as a Big Sell Signal

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